Russian Economy Grows 1.8% in Q2

Russia's gross domestic product grew by 1.8 percent year-on-year in the second quarter of 2018, following a 1.3 percent expansion reported in the previous period, a preliminary estimate showed.

It was the seventh straight quarter of growth after two years of contraction.

The Bank of Russia said recently that holding the World Cup in Russia made a positive contribution to GDP growth, noting that demand from foreign fans increased the volume of services in the hotel, transport and restaurant sectors. Also, the bank forecast that GDP growth will be 1.5-2.0 percent in both the third and the fourth quarters.

Considering the first half of 2018, the Russian economy grew 1.7 percent, according to early estimates from the Ministry of Economic Development.

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